The Hyundai group — maker of the Hyundai, Kia and Genesis brands — has pledged $16 billion globally through 2030 for EVs. Kia Corp. has earmarked about half of its five-year, $22 billion investment budget to future projects, such as EVs.
The group targets annual sales of 3.23 million EVs globally by 2030. The Hyundai and Genesis brands are developing 17 EV models globally by then; Kia plans 14 EVs by 2027.
Commerical production at the Georgia EV assembly plant is scheduled to start in the first half of 2025. The factory will create 8,100 jobs and have the capacity to crank out 300,000 EVs annually.
But the carmaker says that could increase to 500,000, depending on demand.
In May, Hyundai declined to identify the factory’s battery supplier, but Hyundai and Kia use SK Innovation batteries in some of their vehicles. And South Korea’s SK Innovation – the parent company of SK On – already operates a $2.5 billion battery manufacturing plant in north Georgia.
The new auto plant will build up to six EV nameplates for the Hyundai, Kia and Genesis brands.